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Shift Technology and NICB Partner to Give Insurers an Early Advantage in Detecting and Combating Insurance Fraud

PR Newswire

BOSTON and DES PLAINES, Ill., Oct. 9, 2018 /PRNewswire/ -- Shift Technology, a solution provider with a focus on enabling insurance organizations to successfully tackle the ongoing and growing claims fraud challenge, and the National Insurance Crime Bureau (NICB), the nation's premier not-for-profit organization dedicated exclusively to fight insurance fraud and crime, today announced the two organizations have entered into strategic partnership. As a result, Shift customers can now access NICB data within their FORCE implementations to further combat insurance fraud.

As a trusted authority in the detection and investigation of insurance fraud, NICB maintains extensive databases on behalf of its member companies. Under the new partnership, Shift Technology customers using the company's artificial intelligence (AI) driven claims fraud detection solution FORCE™ and who are also NICB members can now use NICB's data within their respective fraud detection models. Delivered via an automated real time feed or a batch data transfer process, this important data enables an additional level of fraud detection capabilities and insights at no additional cost.

"We see this partnership as yet another positive step in helping our members conquer the ongoing fraud challenge," noted Joe Wehrle, NICB President and CEO. "Armed with the additional insight available via our NICB data, mutual Shift clients gain another advantage in the early detection and prevention of fraud, along with quicker and more effective investigations."

Shift's AI supports multiple data inputs including external third-party data sources, such as those from NICB. The ability to leverage NICB's cross industry data ensures that Shift is taking a holistic approach to the detection of fraud at both the claim and network level for its clients. NICB database assets available and integrated with Shift's FORCE include: ForeWARN Alerts, Questionable Claims, MedAWARE Alerts, and additional proprietary NICB data assets.

"We have heard consistently from our US customers that they want access to rich and deep industry wide data insights to combine with their own internal data in their efforts to combat fraud," explained Jeremy Jawish, CEO and co-founder, Shift Technology. "NICB is a trusted provider of highly relevant aggregated industry data related to insurance fraud. Having direct access to this data for use in their Shift fraud models is an incredibly powerful value add for our customers."

About the National Insurance Crime Bureau:Headquartered in Des Plaines, Ill., the NICB is the nation's leading not-for-profit organization exclusively dedicated to preventing, detecting and defeating insurance fraud and vehicle theft through data analytics, investigations, training, legislative advocacy and public awareness. The NICB is supported by more than 1,100 property and casualty insurance companies and self-insured organizations. NICB member companies wrote over $461 billion in insurance premiums in 2017, or more than 81 percent of the nation's property/casualty insurance. That includes more than 95 percent ($218 billion) of the nation's personal auto insurance. To learn more visit www.nicb.org.

Shift Technology is a software solution provider with a focus on enabling insurance organizations to successfully tackle the ongoing and growing claims fraud challenge. Leveraging its expertise in artificial intelligence and insurance, Shift introduced its fraud detection solution FORCE™ in 2014 and has successfully engaged more than 50 insurers globally. To date, Shift has raised over $40 million in capital investment and was named by CB Insights as one of the Global AI Top 100 in both 2017 and 2018. For more information, visit www.shift-technology.com.